PSOJ is a voluntary national organisation of some 330 private sector associations, companies and individuals that are working together to promote a healthy and productive private sector. They seek to include everybody in a democratic, dynamic organization that is responsive to the needs and issues of the day.

Objectives

• to foster unity and cooperation within the private sector;

• to lobby government for policies and programmes which will support economic growth;

• to channel private sector resources to help alleviate the economic and social problems of the country;

• to promote the principles of private enterprise and the free market economic system as being the most effective means of achieving economic growth;

• to advocate equality of opportunity, freedom and reward for personal initiative.

Structure

Our Organisation is governed by a fifty member Council which is elected by the general membership to serve for a two year period. The Council elects each year from its members, an Executive Committee, which appoints an Executive Director.

Policy and Direction

PSOJ seeks to influence national policy issues of a political, social, or economic nature. The Executive Committee, under guidance from the Council, leads this process by promoting discussions with the country's government, political directorate and the opposition. The Organization is also in close and constant contact with the major multi-lateral and bi-lateral agencies.

Management

The Executive Committee meets monthly and is responsible for the operations of the Organization. Through the Committee they are committed to providing members with complete access to the organisation and to respond instantly to issues raised by them.
Day-to-day management is the responsibility of the Chief Executive Officer and a secretariat of 16 qualified employees. They engage in a wide range of social and economic activities through two major divisions: Economic Research and Business Development and Communications.

Activities and Committees

Activities include: Publications of in-depth economic analyses and forecasts, serving on important government and non-government committees, staging seminars and membership functions.

In addition, There are 10 active and energetic committees drawn from the membership: Corporate Governance, Energy, Economic Policy, Education, Environment, Jamaica Medical Assistance Programme, Membership, National Crime Prevention Fund, National Security and Trade Policy.

Achievements

Since its inception in the 1970s the PSOJ has been instrumental in:

• the official adoption of the market economy as being the most appropriate framework for the country's long term development;

• the process of liberalisation, deregulation and privatisation began in the 1980s;

• the lifting of exchange controls;

• tax reforms in the late 80s and early 90s;

• the introduction of cambios

• the reform process in the Police Force, beginning with the Hirst Report;

• the drive to connect inflation with money supply;

• the ongoing process of electoral reform;

• amendments to the New Companies and Revenue Administration Acts.

Corporate Governance

The significance of corporate governance is now widely recognized both for national development and as a part of the international financial architecture, and neatly encapsulated in the words of the President of the World Bank that “the proper governance of companies will become as crucial to the world economy as the proper governance of countries”. The “father” of corporate governance Cadbury defines corporate governance as the system by which companies are directed and controlled. Research has shown that good corporate governance can:

•Improve standards in business

•Encourage foreign investment

•Lead to improved performance by companies

In many countries the attention on global governance surged at the time of the international financial crisis in 1997. Between 1996- 1999, Jamaica experienced a colossal downfall of the Financial Sector which raised concerns of reporting relationships and accountability of management and Directors to stakeholders.

With the primary purpose being to increase awareness of effective corporate governance in both public and private sector organisations; and to establish best business practice corporate governance guidelines for Jamaica, the Private Sector Organisation of Jamaica (PSOJ) established a Corporate Governance committee endeavoured to educate and inform itself on governance issues given its increased relevance with the demise of several local and international conglomerates. The committee comprises corporate leaders, personnel from financial regulatory bodies, accounting professionals, members of the legal fraternity, and academia which afford the committee the expertise to address all aspects of corporate governance with confidence and efficiency.

OBJECTIVES

The overall mission of the committee is to become the key influencer in the delivery and adoption of corporate governance best business practices by providing access to knowledge and learning resources for our members and leaders of business enterprises so they can effectively compete in the global market.

The strategic objectives are:
To develop and establish corporate governance guidelines that will facilitate implementation of best practices.

1. To conduct director training programmes

2. To promote the awareness of corporate governance principles and the impact that well implemented principles can have on investor confidence.

3. To provide continuing public education and awareness of Corporate Governance best practices

4. To make corporate governance knowledge resources accessible to relevant stakeholder groups

5. To collaborate on a continuing basis with other associations and agencies locally and regionally on corporate governance issues.

6. To influence and comment upon any corporate governance policy issues and assess the impact upon the business environment.

The Training Programme

In 1998 the Commonwealth Secretariat established the Commonwealth Association for Corporate Governance (CACG) with a view to promoting excellence in corporate governance in the commonwealth. The two main objectives of the CACG are:

1. To promote good standards in corporate governance and business practice throughout the commonwealth.

2. To facilitate the developments of appropriate institutions which will be able to advance, teach, and disseminate such standards.

Based on the above the CACG has developed a five-day Directors’ Certification Programme which covers a number of areas. To date, the PSOJ has hosted this programme twice and has certified forty-five Directors and four trainers in the region. Participants have found the programme extremely useful and an integral part of the course is the action plan that each participant must develop which is followed up for implementation. The entire in-house programme is reviewed annually.

Corporate Governance Resources

The websites listed below are useful links which will give current information on developments in corporate governance:

www.cacg-inc.com
www.worldbank.org
www.iod.com
www.iod.org.nz
www.carvergovernance.com
www.thecorporatelibrary.com
www.corporatecoach.co.uk
www.jcsa.org.uk

PSOJ Association Members

Jamaica Chamber of Commerce (http://www.jamaicachamber.org.jm/ )
Building Societies Association of Jamaica
Hardware Merchants Association
Importers and Distributors Association of Jamaica

Institute of Chartered Accountants of Jamaica (http://www.icaj.org )
The Jamaica Association of General Insurance Companies
Jamaica Bankers Association

Jamaica Conservation and Development Trust ( http://www.greenjamaica.org )
Jamaica Developers Association Limited

The Jamaica Employers Federation (http://www.greenjamaica.org )
Jamaica Exporters Association (http://www.exportjamaica.org/ )
Jamaica Hotel and Tourist Association
Jamaica Livestock Association Limited

Jamaica Manufacturers Association (http://www.jma.com.jm/ )
Jamaica U-Drive Association Limited
Life Insurance Companies Association

Shipping Association of Jamaica (http://www.seaportsofjamaica.com/ )
Small Business Association of Jamaica (http://www.sbaj.org.jm/ )
Spirits Pool Association Limited
Sugar Manufacturing Corporation of Jamaica
Jamaica Used Car Dealers Association